B2G Innovations: Launch of UPI Circle and Bharat BillPay for Business by RBI Governor
B2G Revolution in Digital Payments
On August 28, during the Global Fintech Festival 2024, RBI Governor Shaktikanta Das announced the launch of two groundbreaking fintech products: UPI Circle and Bharat BillPay for Business (BBPS). These innovations, developed by the National Payments Corporation of India (NPCI), are designed to enhance inclusivity, security, and efficiency within India’s digital payment ecosystem.
What Is UPI Circle?
- UPI Circle allows customers to delegate payment authority to trusted users.
- Full delegation has limits of INR 15,000 monthly and INR 5,000 per transaction.
- Partial delegation requires the primary user to complete transactions with their UPI PIN.
Benefits of Bharat BillPay for Business
bbps for Business aims to streamline B2B payments across various business platforms. This centralized solution covers:
- Business onboarding.
- Invoice management.
- Automated reminders.
- Online dispute resolution.
With partnerships forged with fintech firms like EnKash and OPEN, these new offerings are set to provide businesses with comprehensive digital payment solutions, enhancing manual processes.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.